Apex Footwear has decided to raise up to Tk500 crore by issuing redeemable preference shares to refinance its existing loans and reduce debt burdens.

The company's board of directors approved the decision during a board meeting held on Saturday evening (26 September), according to a price sensitive information (PSI).

The issuance of preference shares remains subject to approval from the company's shareholders and the Bangladesh Securities and Exchange Commission (BSEC).

The board recommended a total 30% dividend for the financial year ended 30 June 2026. The package comprises 15% cash (Tk1.50 per share of Tk10 face value) and 15% stock (15 bonus shares for every 100 existing shares).

The company reported a profit growth for the year under review. Its earnings per share (EPS) increased to Tk7.91 for FY2025-26, up from Tk6.90 in the previous financial year.

Its restated Net Asset Value (NAV) per share rose to Tk355.25 as of 30 June 2026, compared to Tk349.35 in the corresponding period of 2025.

However, cash flows took a significant hit. The company reported a net operating cash flow per share (NOCFPS) of minus Tk90.97, down sharply from a positive Tk45.19 recorded in FY2024-25.

To seek shareholder approval for the recommended dividends, share issuance, and charter amendments, Apex Footwear has scheduled its annual general meeting (AGM) for 29 November.

The record date for determining eligible shareholders for the dividend and AGM participation has been fixed for 15 October.

Asian shares were trading mixed in early Thursday trading, as investors tried to digest the recent swings in oil prices and the U.S. bond market.

Japan's benchmark Nikkei 225 gained 1.3% in morning trading to 65,883.41, as some chipmakers got a boost from the recent interest in artificial intelligence. Australia's S&P/ASX 200 fell 0.7% to 8,700.50.

Hong Kong's Hang Seng lost 0.5% to 24,715.95, while the Shanghai Composite dipped 0.8% to 3,902.33. Trading was closed in South Korea for the Chuseok autumn harvest holiday.

In energy trading, benchmark U.S. crude fell 0.82% to $91.40 a barrel. Brent crude, the international standard, lost 0.83% to $102.22 a barrel.

The price for a barrel of Brent remains much higher than the roughly $72 it cost before the war with Iran began and worries are running high that the war with Iran will keep oil bottled up in the Middle East for a long time. Talks are continuing with mediators between U.S. and Iranian officials, but nothing concrete has come from it yet.

Overnight, Wall Street got hit by pressure from the U.S. bond market after a surprisingly strong report on the economy raised worries about inflation.

The S&P 500 fell 0.8% after finishing the prior day just 0.4% below its record set last month. The Dow Jones Industrial Average dropped 352 points, or 0.7%, while the Nasdaq composite sank 1.1% from its own all-time high.

The yield on the 10-year Treasury jumped to 5.10% from 4.96%, a considerable move for the bond market. High yields undercut prices for stocks and other investments, while also slowing the economy by making it more expensive for everyone to borrow money.

Wednesday's jump briefly sent the 10-year yield near 5.14%, back to where it was in 2007 before the global financial crisis caused yields to crater. Yields have accelerated recently because of worries about high inflation, the U.S. government's heavy debt and other concerns.

Worries about inflation got a jolt after a preliminary report suggested growth in U.S. business activity surged to its strongest level in more than five years.

U.S. inflation has remained so stubbornly high that the Federal Reserve raised its short-term interest rate last week for the first time in three years. Fed Gov. Michael Barr said in a speech this week that further hikes "are likely to be needed" to get inflation to the Fed's 2% target.

Although the Bank of Japan recently raised its benchmark interest rate to stem the slide in the Japanese yen, the move was largely figured in for weeks. And so the yen hasn't really bounced back. A weak yen works as a negative for oil-importing Japan when oil prices are soaring.

In currency trading, the U.S. dollar edged down to 157.94 Japanese yen from 158.30 yen. The euro cost $1.1382, little changed from $1.1388.

All told, the S&P 500 fell 58.61 points to 7,706.03. The Dow dropped 352.10 to 51,511.59, and the Nasdaq composite sank 308.24 to 26,936.04.

Bangladesh's ready-made garment (RMG) exports to the United Kingdom reached $915.63 million during the first two months (July-August) of fiscal year 2026-27, registering a 3.74 percent year-on-year growth driven primarily by a strong rebound in August.

During the corresponding July-August period of the previous fiscal year (FY2025-26), RMG exports to the UK market stood at $882.62 million, according to data from the Export Promotion Bureau (EPB) compiled by trade research platform Bangladesh Apparel Voice.

The cumulative earnings of $915.63 million in the first two months already account for 20.86 percent of the total $4,388.55 million earned from garment exports to the UK across the entire FY2025-26.

The monthly export average so far in FY2026-27 stands at $457.82 million, running significantly ahead of the flat monthly average benchmark of $365.71 million recorded in the full FY2025-26.

However, the positive trajectory was driven almost entirely by a robust 10.53 percent surge in August, which effectively offset a 2.44 percent year-on-year drop recorded in July.

Mohiuddin Rubel, Founder & CEO of Bangladesh Apparel Voice, highlighted that August's strong recovery successfully lifted overall apparel exports to the UK market out of negative territory following a sluggish start in the first month of the fiscal year.

Bangladesh Bank (BB) has extended the deadline for raw jute exporters to apply for loan restructuring facilities, allowing distressed exporters additional time to regularise their classified loans.

Under a new directive issued to managing directors and chief executive officers of all scheduled banks, the facility will cover loans classified as Sub-standard (SS), Doubtful (DF) and Bad/Loss (B/L) as of September 30, 2026, BSS reports.

Exporters seeking the facility will have to submit applications to their respective banks by September 30, 2026, along with a 2 percent down payment of the total outstanding loan amount.

The central bank has also extended the deadline for banks to settle and dispose of applications received under the facility until December 31, 2026.

The latest decision effectively gives raw jute exporters additional time to address financial difficulties and regularise their accounts amid sector-specific operational and financial complexities.

The directive was issued under Section 45 of the Bank Company Act, 1991, with reference to coordination with the Financial Institutions Division of the Ministry of Finance.

The central bank said the provisions of BRPD Circular No. 21 issued on October 13, 2021; BRPD Circular No. 27 issued on July 7, 2022; and BRPD Circular No. 06 issued on February 22, 2023 will continue to apply, with all other terms and conditions remaining unchanged.

China said on Saturday it had agreed with the US on a $30 billion reciprocal tariff-reduction arrangement and on launching a dialogue on AI, under an eight-point consensus reached during President Xi Jinping's visit to Washington.

The two sides have also agreed to set up a trade council and extend the outcomes of earlier talks in Kuala Lumpur, the Chinese foreign ministry said.

The agreement follows an earlier move by the world's two largest economies to extend by two months a trade truce that had been due to expire on Nov 10, allowing more time to work on a potentially bigger trade deal, US Treasury Secretary Scott Bessent said on Wednesday, reports Reuters.

The three-day summit between Xi and President Donald Trump, which ended on Friday, showcased personal diplomacy rather than big public breakthroughs. Xi has since landed in Beijing, Chinese state news agency Xinhua reported on Saturday.

"This historic visit enriched the constructive and stable China-US relationship, upheld the overall stability of bilateral ties, opened a new chapter in China-US relations, and will have a far-reaching impact on world peace and development," Chinese Foreign Minister Wang Yi said in a statement.

Dialogue on AI

On artificial intelligence, the two sides agreed to hold a dialogue on the technology's risks and benefits, with the next round of discussions set for November, and to set up a communication channel for AI-related incidents, the Chinese foreign ministry said.

The ministry also said in a separate statement that Beijing valued Washington's use of the term "super intelligence" in place of "artificial intelligence". As AI technology continues to advance, the two sides should step up exchanges and work towards consensus in line with new developments, it said.

The two sides also agreed to support each other in hosting the Asia-Pacific Economic Cooperation leaders' meeting and the G20 summit, with both leaders planning to attend the gatherings hosted by the other.

On foreign policy, the leaders agreed that Iran should fulfil its commitment not to develop nuclear weapons, and that no country or entity should impose transit tolls on international waterways, the ministry said.

The US Embassy in Beijing did not immediately respond to a Reuters request for comment.

Bangladesh's salt industry is increasingly disrupted by erratic weather linked to climate change, with heavy rainfall, prolonged cloudy conditions, and extreme heat affecting production in the country's coastal salt fields.

Salt cultivation depends heavily on temperature, humidity, and wind conditions during the dry season. Intense heat between April and May allows farmers to harvest salt within four to nine days.

The impact was particularly severe in FY26, when adverse weather caused salt production to fall 28% below the target. The shortfall has pushed wholesale raw salt prices up 50% year-on-year, prompting the Bangladesh Small and Cottage Industries Corporation (Bscic) to recommend importing 150,000 tonnes of raw salt.

Production fluctuating

Bscic data covering 66 years show that the sector once regularly produced more than domestic demand.

In FY72, production reached 637,000 tonnes against a demand of 388,000 tonnes, achieving 164.18% of the target. Some 20,225 farmers cultivated 26,288 acres, producing 24.24 tonnes per acre.

The highest amount of land under salt cultivation was recorded in FY2006, when 70,050 acres produced 1.575 million tonnes against a target of 1.17 million tonnes.

However, the sector later faced losses and shrinking cultivable land. Large infrastructure projects, including power plants, a deep-sea port and fuel facilities, were developed in Moheshkhali and surrounding areas of Cox's Bazar, the country's main salt-producing region.

Nearly 4,000 acres of salt-producing land in Moheshkhali alone were lost to infrastructure development. The number of salt farmers fell from 44,574 in FY06 to 27,697 in FY21.

The sector made a major recovery in FY24, producing 2.438 million tonnes against demand of 2.528 million tonnes on 68,505 acres. Productivity reached 35.59 tonnes per acre, the highest production recorded in 62 years.

But production has declined since then.

In FY25, farmers produced 2.251 million tonnes on 69,198 acres, with productivity falling to 32.54 tonnes per acre.

In FY26, production dropped further to 1.945 million tonnes on 67,757 acres. Productivity fell to 28.70 tonnes per acre, while the target achievement rate stood at only 71.63%.

"Bscic is working to expand cultivable land and develop the salt industry," said Zafar Iqbal Bhuiyan, deputy general manager of the organisation's salt industry development office.

Through 12 salt centres in Cox's Bazar and Chattogram's Banshkhali, Bscic provides farmers with training, loans, technological support and other assistance, he said.

According to a Bscic report, the FY26 salt production season lasted 203 days, from 12 November 2025 to 25 May 2026.

Farmers could not work in the fields due to adverse weather.

The situation became particularly damaging after 26 April, when continuous heavy rain affected salt fields in Chattogram and Cox's Bazar.

This came at a critical time because extreme heat normally allows farmers to harvest salt within four to nine days, compared with around 14 days under normal conditions.

Weather-related disruptions were also recorded in previous seasons. Production was halted for 14 of 201 days in FY22, 19 of 202 days in FY23, 19 of 184 days in FY24 and 16 of 187 days in FY25.

Syed Mostafa Sadik Rizvi, a salt farmer in Moheshkhali, told TBS that he produced around 1,500 maunds of salt from two acres of land during the latest season.

"Despite favourable temperatures, we had to harvest the salt 15-20 days earlier because of rain," he said.

"If the weather had remained favourable, we could have produced 100-150 maunds of salt per kani of land during that period," he added.

Raw salt price rises 50%

The production shortfall has pushed up raw salt prices.

According to Bscic's latest report, raw salt is currently selling at Tk380 per maund, or 40kg, compared with Tk253 a year earlier.

The price has therefore increased by Tk127 per maund, or 50%.

"Production has declined this year because of adverse weather, creating a supply shortfall," said Nurul Kabir, president of the Bangladesh Salt Mill Owners Association.

"The shortage and demand have pushed up salt prices towards the end of the season. The government has taken an initiative to import salt. We hope the situation will remain stable," he told this newspaper.

BSCIC estimates annual salt demand at 2.2-2.5 million tonnes. Processing and iodisation of raw salt result in system losses of 17%-20%.

Demand for iodised edible salt exceeds 800,000 tonnes a year, while industrial demand is around 1 million tonnes.

Around 500,000 tonnes of sulphate and dry sodium sulphate are imported annually for industrial use. These are used in industries including ready-made garments, textiles, detergents and glass manufacturing.

Different forms of salt are required to produce around 120 types of products in Bangladesh, while domestic salt is also used by the leather industry.

Import plan to prevent shortage

The country consumes around 200,000 tonnes of salt a month.

As of 12 September, total stocks of raw salt, including old and new stocks, stood at 526,000 tonnes, while mills held around 150,000 tonnes.

Bscic officials said the existing stock would be insufficient to meet demand until the new production season gets fully underway.

Bangladesh has been importing raw salt for years when necessary to maintain supply. Outside industrial imports, the country last imported 150,000 tonnes of raw salt in FY24.

Bscic officials said import announcements are often made around September and October, when salt prices tend to rise, and concerns over stockpiling emerge. Such announcements also discourage mill owners from creating artificial shortages and raising prices.

Following a meeting this month, the industries ministry recommended importing 150,000 tonnes of salt based on Bscic's demand and stock projections. The proposal is awaiting approval from the commerce ministry.

Sarwar Alam, chief of Bscic's salt cell and general manager of the corporation, said production remains very low at the beginning of the season despite salt cultivation starting in November.

"According to our projections, existing stocks will last until November. But a shortage will emerge from the first week of December," he told TBS.

"If demand is high at the beginning of the season, farmers may harvest immature salt from the fields. This reduces quality and increases system losses," he said.

"These factors have been considered in recommending the import," he added.

Bangladesh and Kuwait have discussed expanding manpower exports, trade and investment as the two countries seek to deepen economic cooperation.
Prime Minister Tarique Rahman and Kuwait’s Crown Prince Sheikh Sabah Khaled Al-Hamad Al-Sabah held a bilateral meeting at Kuwait’s Permanent Mission in New York on Friday, on the sidelines of the 81st session of the United Nations General Assembly (UNGA).

The two leaders exchanged views on ways to strengthen economic ties, with a focus on increasing manpower exports, expanding bilateral trade and investment, and broadening cooperation in areas of mutual interest.

Mr Rahman emphasised the need to enhance high-level engagement between the political leaderships of the two countries to advance their longstanding relationship and explore new avenues of economic cooperation.

He also highlighted the historical friendship between Bangladesh and Kuwait, recalling the contributions of former president Ziaur Rahman and former prime minister Khaleda Zia to developing bilateral relations.

The prime minister said the foundation of mutual respect, goodwill and cooperation between the two countries had continued to expand over the years.

He stressed the importance of deepening and diversifying the relationship for the mutual benefit of the peoples of both countries.

The two leaders also discussed regional and international issues and underscored the need to maintain regular communication and coordination on matters of mutual interest.

They expressed their commitment to further strengthening bilateral cooperation for the benefit of the peoples of Bangladesh and Kuwait.

Bangladesh Bank’s board of directors has agreed to grant initial approval to five digital banks, paving the way for the central bank to issue Letters of Intent (LoIs) to the proposed lenders.
The banks will be able start online operations after completing the necessary formalities following the issuance of the LoIs.

The decision was made at a meeting of the central bank’s board of directors held on Thursday, chaired by Governor Md Mostaqur Rahman.

The digital banks that received initial approval are Digital Banking of Bhutan, sponsored by Bhutan’s DK Bank; bKash Digital Bank, sponsored by the shareholders of bKash; Nova Digital Bank, backed by VION, the parent company of Banglalink, and Square Group; and Boost Digital Bank, sponsored by Axiata Limited, the parent company of Robi.

The board also decided to issue an LoI to Kori Digital Bank, which had already received initial approval earlier.

Bangladesh Bank invited applications for setting up digital banks during the tenure of the interim government. A total of 13 entities submitted applications.

The applicants included leading business groups, microfinance institutions, mobile network operators and mobile financial service (MFS) providers.

The central bank accepted applications for digital bank licences from September 1 to November 2, 2025.

However, the approvals could not be granted during the interim government’s tenure amid various issues, including protests by Bangladesh Bank officials.

The latest board decision will allow the approved entities to proceed with the next stage of the licensing process before launching their digital banking operations.

Bangladesh’s local mobile handset industry is under fresh pressure from rising prices of memory components, adding to longstanding problems such as grey-market competition, weak factory utilisation and uncertainty over regulatory enforcement.

Prices of key smartphone components, particularly RAM and ROM, have risen sharply this year, raising production costs for local manufacturers and threatening to make budget smartphones more expensive.

At the same time, local handset production is declining as manufacturers struggle to compete with unofficial imports and operate their factories at full capacity.

Industry players say effective enforcement of the National Equipment Identity Register (NEIR), along with stable tax and regulatory policies, is crucial to restoring competitiveness.

“The biggest challenge today is the global surge in component costs,” said Ziauddin Chowdhury, country general manager of Xiaomi Technologies Bangladesh. He said rising memory-chip prices, driven partly by the rapid expansion of artificial intelligence technologies, were putting “significant pressure on the affordability of entry-level and budget segments”.

Gartner estimates that combined DRAM and solid-state drive prices could rise 130 percent by the end of 2026 from 2025 levels, potentially increasing smartphone prices by 13 percent.

Rezwanul Hoque, CEO of Ismartu Technology BD Ltd, said memory prices had risen 70 percent since January and could climb another 40 percent over the next three months.

Jakaria Shahid, president at the Mobile Phone Industry Owners’ Association of Bangladesh (MIOB), said global memory supplies were very tight, pushing up prices in the unofficial market as well.

The higher component costs come as local production is already losing momentum.

BTRC data show smartphone production fell 9.9 percent year-on-year to 53.76 lakh units in January-August 2026 from 59.66 lakh a year earlier. Feature-phone production dropped 9.6 percent to 85.66 lakh units from 94.73 lakh.

Local manufacturers produced about 2.44 crore handsets in 2025, down from roughly 2.73 crore in 2024.

The Daily Star spoke to half a dozen manufacturers’ officials, who said their factories were operating at less than half capacity. One manufacturer with more than 10 production lines has half of them idle, while monthly output has fallen to around 100,000 units from a capacity of 300,000.

GREY MARKET UNDERMINES LOCAL INDUSTRY

Industry estimates suggest the grey market accounts for more than 60 percent of handset sales, putting local manufacturers at a disadvantage and reducing government tax revenue.

Mohammad Saifuddin Khan, director of operations at Excel Telecom, which manufactures Samsung handsets in Bangladesh, said legal manufacturers were being forced to compete with products that did not bear the same tax and regulatory costs.

The National Equipment Identity Register (NEIR), which uses handsets’ IMEI numbers to identify unauthorised, cloned and illegally imported devices, began enforcement on January 1 this year.

Manufacturers say effective NEIR enforcement could redirect demand towards official channels and help local factories operate at higher capacity.

However, the feature of NEIR that could block such illegal phones has not yet become fully operational. Meanwhile, the rollout has also faced resistance from mobile-phone traders.

Rehan Asif Asad, adviser to the prime minister on posts, telecommunications and ICT, has said the government wants to strengthen the electronics manufacturing ecosystem while ensuring that consumers, retailers and manufacturers are not adversely affected.

SCALE REMAINS A CHALLENGE

Bangladesh’s handset manufacturers remain heavily dependent on imported components, including memory, processors and displays, leaving them with limited control over production costs.

“The major 60 to 70 percent portion of the component cost is controlled by a handful of three or four companies,” said Saifuddin.

More than half of Bangladesh’s smartphone market is concentrated in the Tk 15,000-Tk 20,000 range, according to industry estimates, making higher component prices particularly significant for consumers.

Manufacturers say higher production volumes could reduce per-unit costs by spreading fixed expenses across more units. But weak demand and grey-market competition have made it difficult to achieve the scale needed to improve efficiency and factory utilisation.

Fair Electronics, whic used to manufacture mobile phones, plans to resume handset production in the second half of this year.

Mohammed Mesbah Uddin, CMO of Fair Group, said the company would initially produce selected models. They did not expect to immediately return to its previous scale of around 15 lakh handsets a year -- which they used to make back in 203, when its mobile operation employed 2,000-2,500 people.

POLICY STABILITY SOUGHT

Manufacturers are also seeking greater certainty over taxes, duties and incentives.

The handset manufacturing sector expanded after tax incentives were introduced in fiscal 2017-18, with around 17 factories established since then. However, industry players say changes in taxes and duties have increased uncertainty over investment.

The government has recently taken steps to reduce production costs. In the FY2026-27 budget, it reduced advance income tax on imports of 22 raw materials used in local mobile-phone manufacturing to 1 percent. Existing duty exemptions on raw materials and components, along with conditional VAT exemptions, were extended until June 2030.

Ziauddin welcomed the extension but stressed the importance of policy continuity.

“Incentives attract investment, but it is policy stability that retains it,” he said, arguing that major policies supporting the industry should ideally have a minimum five-year horizon.

Manufacturers say effective implementation is equally important, as bureaucratic complexities sometimes prevent them from fully benefiting from government measures.

Investor activity on the Dhaka Stock Exchange (DSE) surged last week, with average daily turnover jumping 42% despite persistent macroeconomic headwinds, a fuel price hike and disappointment over the unchanged policy rate.

Average daily turnover at the country's premier bourse rose to Tk785 crore from the previous week's sluggish level. The benchmark DSEX gained 46 points, or 0.83%, to close at 5,578, while the blue-chip DS30 advanced 10 points to 2,112.

Market breadth was positive, with 252 issues advancing, 105 declining and 29 remaining unchanged. However, total market capitalisation fell by Tk1,800 crore over the week.

Sheltech Brokerage Limited, in its weekly market commentary, said trading was marked by a tug-of-war between selective bargain hunting and profit-taking amid mixed investor sentiment.

Buying interest early in the week was supported by Moody's revision of Bangladesh's economic outlook from negative to stable and reports of improved national gas supply. Expectations of fiscal year-end earnings and dividend declarations by June-closing companies also provided momentum.

The rally came under pressure mid-week after the government raised domestic fuel prices amid continued geopolitical tensions between the US and Iran. Sentiment weakened further towards the weekend after Bangladesh Bank kept its policy interest rate unchanged, disappointing investors who had expected monetary easing.

Sheltech analysts said investors will closely watch whether the renewed buying momentum broadens across sectors. Near-term market drivers include regulatory progress on the Bangladesh Securities and Exchange Commission's (BSEC) proposed market development initiatives, developments in the Middle East and corporate financial results for the June-ending fiscal year.

Square Pharmaceuticals, Orion Pharma, LafargeHolcim Bangladesh, Orion Infusion and Unique Hotel were the biggest contributors to the DSEX's gain.

Textile stocks accounted for the largest share of turnover at 20.50%, followed by Insurance at 17.20%, Pharmaceuticals and Chemicals at 13.23%, Mutual Funds at 8.89% and Banks at 8.25%.

Mutual Funds recorded the highest sectoral return, rising 6.12%, followed by Paper and Printing at 4.18%, General Insurance at 3.82% and Life Insurance at 3.14%. Engineering fell 0.83%, Food and Allied 0.60% and Banking 0.56%.

Eastern Bank, Sharp Industries, Square Pharmaceuticals, IPDC Finance and Saiham Textile were among the most-traded stocks during the week.

First Prime Finance Mutual Fund topped the gainers, surging 50%, followed by ICB AMCL Second Mutual Fund with a 33.33% rise. Desh General Insurance gained 30.46%, Orion Infusion 23.02%, and Orion Pharma 19.84%.

Walton led the weekly losers, falling 12.95%, while Anlyma Yarn, Exim Bank First Mutual Fund, Bay Leasing and Al-Haj Textile declined between 6.40% and 6.76%.

The Chittagong Stock Exchange also ended the week higher, with the selective CSCX index gaining 1.39% to 9,147 and the all-share CASPI advancing 1.19% to 14,912.

Textile companies dominated the Dhaka Stock Exchange (DSE) turnover chart in the first half of September, with three firms each recording more than Tk200 crore in share trades, according to the bourse's fortnightly report.

Sharp Industries, a B-category company, topped the turnover chart among the DSE's top 20 stocks, followed by A-category Malek Spinning Mills and Envoy Textile. B-category Saiham Textile and Saiham Cotton Mills, and A-category Paramount Textile also ranked among the top turnover generators.

Sharp Industries recorded Tk245.86 crore in trading value, accounting for around 4% of the DSE's total turnover during the period. It also topped the volume chart, with 12.04 crore shares changing hands, or 5.44% of all traded shares.

Malek Spinning Mills recorded Tk213.62 crore in turnover, followed by Envoy Textile at Tk208.27 crore, Saiham Textile at Tk201.24 crore, Saiham Cotton Mills at Tk190.05 crore and Paramount Textile at Tk159.57 crore.

During the 11 trading sessions through 15 September, total DSE turnover stood at Tk6,382.80 crore, with average daily turnover at Tk580.25 crore.

The benchmark DSEX index fell 125.62 points to close at 5,598 on 15 September.

In terms of share prices, Bangladesh National Insurance emerged as the top gainer, with its share price rising 29.84% to Tk138.80 from Tk106.90 at the start of September.

It was followed by Phoenix Finance First Mutual Fund, up 28.68% to Tk17.50; Exim Bank First Mutual Fund, up 25.42% to Tk7.40; Mercantile Islami Insurance, up 24.75% to Tk50.40; and AIBL First Mutual Fund, up 22.92% to Tk5.90.

Sharp Industries, despite leading turnover, suffered the biggest decline among the top 20 stocks, with its share price falling 23.43% to Tk18.30.

Information Services Ltd followed with a 23.12% decline to Tk42.90, while Orion Infusion fell 19.72% to Tk176.70.

Rancon Motor Bikes Ltd, the authorised manufacturer and exclusive country distributor of Suzuki motorcycles in Bangladesh, has signed an agreement as part of its proposed public listing.

Under the deal, Lion City Advisory Limited (LCAL) will serve as adviser, while CBC Capital and Equity Management Limited will act as issue manager, according to a press release.

The agreement was signed at Rangs Babylonia in Tejgaon, Dhaka on Wednesday.

According to sources involved in the issue management, Rancon Motor Bikes may apply for listing under the direct listing process. It would be the first sole two-wheeler maker in the capital market to go public.

Earlier, Runner Automobiles was listed to expand its business, which includes manufacturing motorcycles and three-wheelers.

Rancon Motor Bikes Managing Director Romo Rouf Chowdhury and Lion City Advisory Limited Executive Director Ershad Hossain signed the agreement on behalf of their respective organisations.

Under the agreement, LCAL will provide corporate and capital market advisory services to Rancon Motor Bikes, while CBC Capital and Equity Management Limited will act as issue manager for the proposed listing.

Rancon Motor Bikes senior officials Ahsan Hakim, Farhana Karim, Imran Zaman Khan and Abu Jafar Siddique attended the signing ceremony.

Abdullah Al Faisal and other officials represented Lion City Advisory Limited, while Rabiul Hossain represented CBC Capital and Equity Management Limited.

The proposed listing will mark a step in the company's efforts to access Bangladesh's capital market and broaden its participation in the country's capital market ecosystem.

Lion City Advisory provides corporate advisory services to companies in Bangladesh and abroad.

According to data from City Lion Advisory, Suzuki branded two-wheelers become the market leader in the country with around 20% market shares until June 2026. Of the total 40,514 motorcycle sales, Suzuki branded motorcycles sold 8,215.

The government will procure 1.55 lakh tonnes of non-urea fertiliser from Canada, Russia and Saudi Arabia to ensure adequate supplies for the Boro rice season, the country’s principal crop.

The Cabinet Committee on Government Purchase (CCGP) yesterday approved four separate proposals under government-to-government (G2G) arrangements and state-level agreements.

The approval comes amid concerns over fertiliser supplies after farmers in several parts of the country recently protested over shortages during the ongoing rainfed Aman season, the second-largest rice crop.

Of the total, 80,000 tonnes of muriate of potash (MOP) fertiliser will be imported from the Canadian Commercial Corporation (CCC) under an agreement between CCC and the Bangladesh Agricultural Development Corporation (BADC). The price per tonne will be $383.80.

Under a state-level agreement between Russia’s JSC Foreign Economic Corporation (Prodintorg) and BADC, the government will import 35,000 tonnes of MOP fertiliser at $383.80 per tonne.

A separate state-level agreement has been approved for the import of 40,000 tonnes of diammonium phosphate (DAP) fertiliser from Saudi Arabia’s MA’ADEN at $885 per tonne, at a total cost of Tk 437 crore.

Separately, in earlier procurement decisions, the government had approved the Agriculture Ministry’s plan to buy 35,000 tonnes of MOP from Russia under a state-to-state contract at $383.80 per tonne.

It had also approved the import of 40,000 tonnes of DAP from Morocco under a state-to-state arrangement. The Bangladesh Agricultural Development Corporation will import the MOP and DAP.

In another earlier decision, the high-powered committee had approved the purchase of 40,000 tonnes of granular urea from Saudi Arabia at $396.66 per tonne.

Biman Bangladesh Airlines has signed an agreement with Boeing to purchase 11 additional aircraft, the US aircraft manufacturer announced early Thursday (Wednesday afternoon New York time).

The signing ceremony was held on the sidelines of the 81st United Nations General Assembly (UNGA) in New York.

The national flag carrier has placed an order for 11 787 Dreamliner and 737 MAX aircraft to expand and modernise its fleet, according to a Boeing press release.

In a separate release on Thursday morning, Biman said that the airline has signed a supplemental agreement with Boeing to purchase 11 additional aircraft, building on its earlier order for 14 planes.

The new purchase includes five 787-10 Dreamliners and six 737-8 jets. It follows Biman's largest-ever aircraft order earlier this year, when it agreed to purchase 14 Boeing aircraft worth $3.7 billion.

Rumee A Hossain, chairman of the Biman Bangladesh Airlines board of directors, and Brad McMullen, Boeing's senior vice president of Commercial Sales and Marketing, signed the agreement on behalf of their respective organisations.

Government leaders attending the event included Civil Aviation and Tourism Minister M Rashiduzzaman Millat, State Minister for Foreign Affairs Humaiun Kobir, Bangladesh Investment Development Authority (BIDA) Chairman Chowdhury Ashik Mahmud Bin Harun, Prime Minister's Adviser Mahdi Amin, US Secretary of Commerce Howard Lutnick and US Deputy Secretary of State Christopher Landau.

The latest agreement marks another major step in Biman's fleet expansion programme, amid continued competition between US aircraft manufacturer Boeing and European aerospace giant Airbus for a larger share of the national carrier's future fleet.

The previous agreement signed on 30 April for 14 aircraft, comprising eight 787-10 Dreamliners, two 787-9s and four 737-8s.

With the latest agreement, Biman's planned Boeing acquisitions have increased to 25 aircraft.

Biman is also pursuing a separate proposed acquisition of 10 Airbus aircraft — four A350-900 widebody jets and six A321neo narrowbody aircraft.

If both packages proceed, the national carrier's planned aircraft acquisition pipeline would reach 35 aircraft — 25 from Boeing and 10 from Airbus — compared with its current fleet of 19 aircraft.

The Boeing-Airbus competition has drawn particular attention as Bangladesh seeks to expand and modernise Biman's fleet while maintaining aviation and commercial ties with both the United States and Europe.

The April Boeing order was the largest aircraft purchase in Biman's history. It includes the airline's first 787-10 Dreamliners and 737 MAX aircraft, with deliveries scheduled between 2031 and 2035.

"Today's supplemental agreement is an important step in Biman's ongoing fleet renewal and network expansion. This order responds to specific requirements in our fleet plan. Our team's working relationship with Boeing over the years has given us confidence in the delivery and support arrangements," said Rumee A Hossain, chairman of Biman Bangladesh Airlines.

"As the national flag carrier, we remain committed to developing Biman's network and capabilities in a manner that responds to the connectivity needs of the people of Bangladesh, our expatriate community, business and tourism. This agreement is one part of a broader, carefully considered plan to strengthen the country's international connectivity in the years ahead," he added.

Biman currently operates Boeing 787, 777 and 737 Next-Generation aircraft across its international network, connecting Bangladesh with major hubs in the Middle East, South and Southeast Asia, and Europe.

According to Boeing, the 787 Dreamliner and 737 MAX families offer 20-25% greater fuel efficiency than the aircraft they replace, supporting Biman's strategy to modernise its fleet and expand global connectivity.

"Biman's follow-on order reflects its strategic approach to fleet renewal and capacity growth, and underscores the strength of our long-standing partnership," said Brad McMullen, Boeing's senior vice president of Commercial Sales and Marketing.

"These additional 787 Dreamliner and 737 MAX airplanes will deliver the efficiency, versatility and reliability Biman needs to support Bangladesh's growing role in global aviation."

Boeing said the addition of the 737-8 and 787-10 would strengthen Biman's existing Boeing fleet and ensure operational commonality.

The 737-8 offers greater range for the airline's single-aisle network, while the 787-10 provides higher capacity to complement Biman's existing 787-9 and 787-8 aircraft.

The Asian Development Bank (ADB) has approved a $200 million loan to help Bangladesh modernise and strengthen its electricity distribution network in fast-growing industrial and urban areas around Dhaka.

The project aims to improve the reliability, efficiency and resilience of electricity supply for businesses and households, according to an ADB statement yesterday.

Under the Power Distribution Network Enhancement Project, the Bangladesh Rural Electrification Board (BREB) will upgrade distribution infrastructure across 13 Palli Bidyut Samities serving rapidly growing industrial and urban areas around the capital.

The project will install 1,150 megavolt-amperes (MVA) of new transformer capacity across 52 substations and increase the capacity of 12 existing substations by 115 MVA.

It will also construct or upgrade more than 2,600 kilometres of overhead and underground distribution lines and install insulated conductors to improve network reliability, efficiency and safety. Another 900 fault locator sets will be deployed to speed up fault detection and service restoration.

The project will also build river-crossing transmission structures and switching stations to modernise system operations.

“This project will help future-proof the power system in key growth corridors around Dhaka through advanced technologies, stronger infrastructure, and enhanced resilience measures,” said ADB Country Director for Bangladesh Qingfeng Zhang.

The ADB loan is part of a broader financing package for the project. The government will provide about $108 million in cofinancing, while BREB will contribute about $141 million. The Republic of Korea’s e-Asia and Knowledge Partnership Fund will provide a $1 million technical assistance grant.

Oil prices extended declines on Wednesday as investors eyed improved Gulf supply after Saudi Arabia restarted operations at a critical pipeline. Hopes for a diplomatic solution to the US-Iran war also weighed on prices.

Brent crude futures fell $1.09, or 1.1 percent, to $98.16 a barrel as of 0421 GMT while West Texas Intermediate futures fell $1.50, or 1.67 percent, to $89.01 per barrel. Both contracts have declined for six consecutive sessions to around two-week lows.

While US President Donald Trump warned on Tuesday that he could "annihilate" Iran, he also said his envoys Steve Witkoff and Jared Kushner had held productive talks with mediators of Iran to end the war.

"I think there's a lot of momentum for them to make a deal," Trump said.

Optimism around improved supply and a push to end the nearly seven-month conflict drove benchmark Brent down to close below $100 a barrel on Tuesday for the first time since September 8.

“The market is currently feeling more constructive about the global oil supply picture than it was a few weeks ago,” said Tim Waterer, chief analyst at KCM Trade.

“The meeting of US and Iranian delegations in New York has given traders a glimmer of hope ... Despite the continued tough rhetoric, including threats of ‘annihilation,’ the market is choosing to price in the possibility of talks.”

On Tuesday, Saudi Arabia restarted operations on its East-West Pipeline to the Red Sea, three sources briefed on the matter said, with signs of an increase in Middle Eastern oil flows.

Drone attacks, which Saudi Arabia has blamed on Iraqi militia, forced the kingdom to shut the pipeline on September 11, halting crude loadings at the kingdom's Yanbu port.

Since the US-Israeli war on Iran disrupted oil flows from Saudi Arabia and its Gulf neighbours through the Strait of Hormuz, Riyadh has been using the pipeline to reroute around 4 million barrels per day — around 4 percent of global supply — to Yanbu.

Saudi on Tuesday also offered more barrels to Asian refiners for lifting from locations outside of the Strait of Hormuz.

Iraq, too, is increasing oil exports, its oil minister, Basim Mohammed, said on Tuesday. The country is exporting more than 3 million bpd, he said, and expects to boost exports via Turkey to more than 600,000 bpd.

Provisional data from shiptracking firms Vortexa and Kpler pegged Iraqi crude exports in August at 2.3 million and 2.17 million bpd, respectively, up from July's level but below February's pre-war level of 3.7 million and 3.362 million bpd.

Adding to downward pressure on oil prices, industry data showed US crude inventories rose by 1.8 million barrels in the week to September 18. Analysts polled by Reuters had expected a decline.

Official weekly inventory figures from the US Energy Information Administration are due at 10:30 a.m. ET (1430 GMT).

Economic growth has remained “resilient” in many countries despite the war in the Middle East, the OECD said Wednesday as it slightly raised its GDP forecasts for the year.

Global economic growth is now seen at 2.9 percent, a 0.1-point increase from estimates in June by the Paris-based group of 38 industrialised countries.

Even though energy prices have soared since the United States and Israel launched strikes against Iran last February, the OECD noted that “broader financial conditions remain supportive”, as seen in rising equity markets and continued access to credit.

“Sizeable oil inventories, additional supply from outside the Gulf economies and discretionary government support measures all helped to cushion the impact on the global economy,” the group said in its quarterly update.

It also cited the massive investments in artificial intelligence and the resulting boost to production and trade, which could result in “stronger growth than projected”.

But global growth has slowed sharply from the 3.4 percent chalked up last year, and the group trimmed its 2027 growth forecast by 0.1 percentage point, to three percent.

Governments have started raising interest rates to contain inflation pressures stemming from high oil and gas prices, which have sent diesel and other fuel costs to highs not seen in years.

That has sent government bond yields to levels not seen since the global financial crisis of 2007-2008, pushing up borrowing costs even as countries worldwide grapple with high debt and deficits.

“Rising bond yields underline more than ever the need for enhanced efforts to contain and reallocate government spending, improve public-sector efficiency and strengthen revenues to ensure longer-term debt sustainability and maintain the ability of governments to react to significant shocks,” the OECD said.

It also warned of prolonged inflation if the Mideast war continues, with price increases in the G20 group of developing and emerging economies seen at 4.1 percent overall this year.

“Other significant downside risks include potential weather-related supply shocks, including a very strong El Nino, that adversely impact agricultural production and add to rising food price pressures,” it said.

For the United States, it expects GDP to expand 2.2 percent this year, up 0.2 points from its June forecast, while the eurozone could see growth of one percent, also up 0.2 points.

Japan’s growth is now seen at 0.8 percent, up 0.2 points, while the forecast for the Chinese economy, the world’s second largest, was held steady at 4.5 percent.

For the G20, the OECD sees growth of 3.1 percent.

Bangladesh Bank has decided to keep its policy interest rate unchanged at 9.5% to closely monitor the economic impacts of recent domestic and international shocks, including volatile global energy prices and a domestic fuel price hike.

The decision was taken at the 14th meeting of the Monetary Policy Committee (MPC) held at the central bank's head office in Dhaka today (23 September), chaired by Bangladesh Bank Governor Mostaqur Rahman.

At the meeting, the MPC reviewed recent domestic and global macroeconomic developments and noted a downward trend in headline inflation. However, inflation remains above the government's target ceiling of 7.50% for fiscal year 2026-27.

The committee identified several risks that could put renewed pressure on inflation. These include prolonged conflicts in the Middle East, which have kept global energy markets volatile, as well as the government's recent increase in domestic fuel prices.

The implementation of a new national pay scale could also add to inflationary pressures, according to the MPC.

Against this backdrop, the central bank opted for a cautious approach, deciding to assess how the domestic and international shocks affect Bangladesh's economy before making any changes to the existing policy rate.

The MPC will particularly monitor their impact on gross domestic product growth and consumer price inflation.

The meeting was attended by MPC members, including Deputy Governor Dr Habibur Rahman, economist Dr Mustafa Kamal Mujeri, BIDS Director General Dr AK Enamul Haque, Dhaka University Economics Department Chairperson Dr Firdousi Naher and MPD Executive Director Dr Imam Abu Sayed.

The National Board of Revenue's (NBR) intelligence wing has detected the possible import and illicit marketing of around 363 tonnes of cigarette filter-making raw materials in the name of a non-existent trading firm, potentially putting around Tk 2,450 crore in government revenue at risk.

The Central Intelligence Cell (CIC) of the NBR has also found information on imports of cigarette raw materials in the names of four other non-existent firms.

Officials said letters have been sent to the respective banks seeking details of their import transactions and bank accounts.

Recently, the CIC seized a consignment of 48 tonnes of acetate tow, a raw material used in making cigarette filters, which was awaiting clearance at Chattogram’s custom house.

The consignment was imported by Unique Traders of Motijheel on August 18. However, customs officials found that the firm did not exist at its stated address during a field inspection.

The clearing and forwarding agent, Faiz Trading Company Ltd, has ensured payment of Tk 16.44 crore in import-stage duties and taxes for clearance of the consignment.

According to a CIC calculation, the same raw material could have generated around Tk 324 crore in revenue if it had been used to manufacture cigarettes locally.

Import documents show that Unique Traders imported a total of 363 tonnes of cigarette raw materials during the 2025-26 fiscal year. The CIC is now investigating the actual use of the materials and their supply chain.

“Under the gazette issued on August 24, no trading firm is allowed to import cigarette raw materials. As Unique Traders imported the consignment before the gazette was issued, it was technically eligible for clearance. But we seized it after receiving information about the firm and the consignment,” a CIC official told The Daily Star, requesting anonymity.

“As no importer came forward, the C&F agent contacted us and paid the applicable import-stage revenue,” the official said.

He said the firm has also been asked to provide details of where the 363 tonnes of raw materials cleared in the past were sold and pay VAT on those sales.

“Who used and is using these raw materials is now being investigated,” he added.

In a field inspection report submitted on August 19, Munawar Mursaleen, deputy director of the Customs, Excise and VAT Commissionerate, Motijheel, said that the firm did not exist at its stated address.

“Although the firm submitted returns for the last two tax periods, it did not show any sales in those returns,” he said in the report.

According to a CIC press release, valuation documents submitted by two cigarette manufacturers show that around 8,937 sticks of cigarettes can be produced from one kilogramme of acetate tow.

On that basis, the 48,143 kilogrammes of acetate tow in the seized consignment could produce around 43.02 crore sticks, or about 4.30 crore packets, assuming 10 sticks per packet.

The CIC said that if the cigarettes were from the medium segment, with a retail price of Tk 92 per packet and applicable VAT and supplementary duty accounting for around 82 percent of the retail price, the government could have collected around Tk 324 crore in revenue.

For high-segment cigarettes, assuming a retail price of Tk 160 per packet, the potential revenue would be around Tk 564 crore, it said.

Similar findings in earlier investigation

Importing cigarette raw materials in the names of non-existent firms to evade VAT and manufacture illicit cigarettes is not a new phenomenon.

On June 1, 2024, The Daily Star published an investigative report titled “Councillor's illegal cigarette trade” on the issue.

Following the report, an investigation committee was formed with Mohammad Fakhrul Alam, then director general of the Directorate of Customs Intelligence and Investigation, as its head.

The committee, comprising officials from Customs Intelligence and the CIC, submitted its report in December that year after several months of investigation.

The report found that a syndicate was importing cigarette raw materials in the names of at least 20 trading firms and using them to manufacture counterfeit cigarettes. Eleven of those firms were identified as non-existent.

The committee recommended banning imports of cigarette raw materials by all entities except VAT-registered cigarette and bidi manufacturers.

Although the government subsequently doubled the import duty on cigarette raw materials for trading firms, it failed to completely prevent such imports and the production of illicit cigarettes.

Finally, through a gazette issued on August 24 this year, the government restricted the import of cigarette raw materials to cigarette and bidi manufacturing companies only.

For Bangladesh, where rising temperatures are increasingly threatening the health and productivity of garment workers, a new heat stress management toolkit from the American Apparel and Footwear Association (AAFA) offers manufacturers and global brands a framework to address heat risks in factories.

The toolkit, launched at Cascale’s Annual Meeting 2026 in Athens, Greece, recently, aims to help manufacturers and brands manage heat stress in workplaces.

Rising temperatures are making it difficult for workers to cope with heat generated by heavy machinery, particularly in factories with inadequate cooling systems and ventilation and unhealthy working environments.

The AAFA recommends setting maximum thresholds for workplace heat and implementing structural measures to prevent or reduce heat stress.

It also suggests adjusting workloads, water and bathroom breaks according to heat conditions, and establishing heat stress education and medical monitoring programmes to help workers, supervisors and health staff identify and prevent heat-related illnesses.

The association further recommends regular discussions between buyers and suppliers to reduce heat stress and share responsibility for its impact on workers, suppliers and buyers during extreme heat days.

“As extreme heat becomes an increasingly common reality worldwide, our industry must act to protect the workers who are at the heart of our supply chains,” said AAFA Executive Vice President Nate Herman in an AAFA statement.

Brands and manufacturers should share responsibility for the investments and potential disruption involved in building resilience, creating the commercial conditions needed to protect workers, the AAFA said.

The risks of extreme heat in Bangladesh are exacerbated by the country’s high-humidity climate, labour-intensive economy and limited financial capacity for adaptation, according to a study by Climate Rights International (CRI) referred to by the AAFA.

A recent study by the Global Labor Institute at Cornell University found that, over the past two decades, 17 of 23 apparel production centres studied recorded increases of more than 10 percent in the average number of days with temperatures of 35°C (95°F) or more.

A separate Cornell study, released on September 21, found that heat stress was associated with an average 4.1 percent loss in working-time productivity across eight garment factories studied in Bangladesh.

Addressing high heat stress across Bangladesh’s apparel export industry would require an estimated $239 million in capital expenditure, equivalent to 0.2 percent of 2025 apparel export revenue if spread over three years, the study said.

Global Labor Institute says that Dhaka experienced a seven-month heat-stress season in 2025, describing it as “the new norm.”

Back in 2020, an estimated 70 million workers in Bangladesh were exposed to excessive heat on the job, a 51 percent increase over the previous 20 years, according to CRI, citing International Labour Organization (ILO) calculations.

Heat-related labour losses in Bangladesh were also more than two-and-a-half times the global average as of 2020.

Without adequate adaptation measures, Bangladesh is projected to lose 4.84 percent of working hours by 2030 due to heat stress, equivalent to 3.8 million full-time jobs, according to research cited by CRI.

The ILO estimated that excessive workplace heat is linked to 18,970 deaths and 22.85 million occupational injuries.

The ILO has described heat stress as “an invisible killer” because it can cause sudden and severe illnesses, such as heatstroke, as well as chronic and debilitating diseases affecting the cardiovascular and respiratory systems and kidneys.

Md Towhidur Rahman, president of Bangladesh Apparel Workers Federation, said he was not aware of the AAFA’s heat stress toolkit yet, but his organisation has been conducting training on heat and other just transition-related issues for workers over the last few years.

Because climate change has been causing floods, droughts, stagnation and water-borne diseases, workers are directly affected and are victims, and the issue must be jointly addressed by international retailers and brands along with local manufacturers, Towhidur said.

Mahmud Hasan Khan, president of Bangladesh Garment Manufacturers and Exporters Association (BGMEA), said the AAFA had not sent any letter to the BGMEA officially yet, although many individual factories had received such instructions from their buyers.

Heat stress in the workplace during certain seasons, especially in summer in Bangladesh, is a health risk for workers as temperatures rise, he said.